News

Quinlan deal: Savoys high rollers named

THE Manchester-born tycoon Peter Green has emerged as one of the largest investors in the Derek Quinlan-backed consortium that purchased the former Savoy hotel group in May last year for £750m (€1.1 billion).

The property developer Paddy McKillen, stockbroker Kyran McLaughlin, wealth manager Quinlan, and Riverdance promoters John McColgan and Moya Doherty are the other investors.

Green, whose fortune is valued at £600m (€886m) in The Sunday Times Rich List, invested through a Cypriot company, Misland. He has a 20% equity stake in the company that owns Claridge’s, The Connaught and Berkeley hotels.

The equity shareholders invested in the takeover through a £110m (€160m) loan note. It is estimated that Green and McKillen invested about £25m in the deal.

The Sunday Times has also learnt that Quinlan stands to gain a £15m (€22.1m) “bonus” if the group is sold. The wealth manager is the sole holder of 1,000 redeemable preference